Debt

At September 26, 2015 and December 31, 2014, short-term borrowings of $85,796 and $13,454, respectively, were primarily utilized to support the working capital requirements of certain international operations. The weighted-average interest rates on these borrowings at September 26, 2015 and December 31, 2014 were 2.0% and 3.8%, respectively.

Long-term debt consists of the following:



	September 26, 2015		December 31, 2014
Revolving credit facility	$	33,700	$	—
Asset securitization program	480,000		275,000
3.375% notes, due 2015	—		251,955
6.875% senior debentures, due 2018	198,771		198,424
3.00% notes, due 2018	297,998		297,408
6.00% notes, due 2020	298,869		298,680
5.125% notes, due 2021	248,496		248,287
3.50% notes, due 2022	344,887		—
4.50% notes, due 2023	296,085		295,765
4.00% notes, due 2025	343,962		—
7.50% senior debentures, due 2027	198,329		198,219
Interest rate swaps designated as fair value hedges	1,786		378
Other obligations with various interest rates and due dates	5,400		3,782
	$	2,748,283	$	2,067,898

The 7.50% senior debentures are not redeemable prior to their maturity. The 3.375% notes, 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% notes may be called at the option of the company subject to "make whole" clauses.

The estimated fair market value, using quoted market prices, is as follows:



	September 26, 2015		December 31, 2014
3.375% notes, due 2015	$	—	$	255,000
6.875% senior debentures, due 2018	228,500		232,000
3.00% notes, due 2018	309,000		309,000
6.00% notes, due 2020	340,000		339,000
5.125% notes, due 2021	276,500		277,500
3.50% notes, due 2022	350,000		—
4.50% notes, due 2023	318,000		321,000
4.00% notes, due 2025	351,000		—
7.50% senior debentures, due 2027	247,000		254,000

The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value.

The company has a $1,500,000 revolving credit facility, maturing in December 2018. This facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness and acquisitions, and as support for the company's commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or a euro currency rate plus a spread (1.30% at September 26, 2015), which is based on the company's credit ratings, or an effective interest rate of 1.44% at September 26, 2015. The facility fee is .20%. At September 26, 2015, the company had $33,700 in outstanding borrowings under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility at December 31, 2014.

The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $900,000 under the asset securitization program, which matures in March 2017. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread (.40% at September 26, 2015), which is based on the company's credit ratings, or an effective interest rate of .69% at September 26, 2015. The facility fee is .40%.

At September 26, 2015 and December 31, 2014, the company had $480,000 and $275,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets, and total collateralized accounts receivable of approximately $1,474,176 and $2,060,589, respectively, were held by AFC and were included in "Accounts receivable, net" in the company's consolidated balance sheets. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings before repayment of any outstanding borrowings under the asset securitization program.

Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of September 26, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future.

During the first nine months of 2015, the company completed the sale of $350,000 principal amount of 3.50% notes due in 2022 and $350,000 principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688,162 were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes.

During the first nine months of 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for the first nine months of 2015 aggregated $2,943 ($1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt which was included in "Other" in the company's consolidated statements of operations.

During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100,000. There were no outstanding borrowings under the uncommitted line of credit at September 26, 2015 and December 31, 2014.

Interest and other financing expense, net, includes interest and dividend income of $1,299 and $3,761 for the third quarter and first nine months of 2015 and $2,369 and $3,898 for the third quarter and first nine months of 2014, respectively.